Commenting on this morning’s figures from the Office of National Statistics (ONS) on gross domestic product (GDP), Richard Pike, chief marketing and sales officer at Phoebus, said: “Zero growth in GDP is a little surprising after three consecutive months of growth in January, February and March. With unemployment falling last month, we enter the election process in a very interesting economic position with no clear view of any real change.

“It makes the question of next week’s Bank of England interest rate decision an interesting one. With many worldwide rates now moving southwards, there was some positivity towards the Monetary Policy Committee cutting rates. The mixture of positive and negative economic data coming out from the UK makes a rate cut decision a hugely important flip of a coin for the industry.

“It’s disappointing to see construction falling for the third consecutive month, especially during a time of housing crisis. With all parties committing to building housing in their manifestos, you really have to consider how real this aspiration really is.”